ForexLive North American wrap: Chicago PMI still soft

Chicago PMI 49.9 vs 51.0 exp Canadian Aug GDP -0.1% vs +0.2% exp Sept ADP employment revised to 88K from 162K Sandy cost estimates $30-$50B Belguim GDP -0.3% y/y Germany's Schaeuble: Progress but no deal on Greece Eurogroup's Juncker: Greece must enact reforms before lending deal is made Monti and parliament working out tax deal Nexen review likely to be pushed back – RTRS BOC's Carney: Slowdown in China may be ending Cameron loses vote on EU budget Non-farm payrolls to be released Friday, as expected S&P 500 flat at 1413, down 2% on month GBP leads, JPY lags It was a disappointing day in terms of volatility after two days of stagnant markets. The Chicago PMI leaked and we had it first but the market was slow to react. US dollar demand at the 1600 GMT fixing was biggest driver of the day. Afterwards, the dollar drifted back on most crosses. An exception was EUR/USD, which was stuck at 1.2965. I expect better action tomorrow with ADP, claims and pre-NFP positioning but that might be the optimist in me talking.